The Character of Leaders: Values During Crisis Periods

In times of crisis, the character of leaders is revealed. Pfizer CEO Albert Bourla and Delta Air Lines CEO Ed Bastian shared how their values shaped their decisions during these challenging times at Yahoo Finance's Invest 2025 event.

Bourla emphasized that he is "quite optimistic," highlighting his belief that "nothing is impossible." Having served at Pfizer for over 25 years, Bourla has guided the drug maker during the COVID-19 pandemic. He attributes his optimism to a personal source: his mother, a Holocaust survivor.

"A toy soldier was placed in front of her and she survived," he said. "She used to tell me, 'You can do this.' This forms much of my optimism." In addition to being optimistic, Bourla also discussed the importance of being surrounded by those who are not optimistic in order to face realities.

In the past year, Pfizer's shares have fallen by 5%, trailing behind the S&P 500's approximately 15% gain as investors evaluate the company's post-pandemic path.

For Ed Bastian, who has been the CEO of Delta Air Lines since 2016, staying true to one's beliefs provides a compass during tough times: "Know what you stand for. Define your mission, your purpose; you need to know what you stand against, because when you face a crisis, you will need those values."

Bastian, currently the longest-serving CEO of a major U.S. airline, has navigated the pandemic and global economic shocks. He recalled a conversation at the beginning of the pandemic with former Home Depot CEO and Delta board chairman Frank Blake, who expressed confidence that Delta would successfully navigate the crisis.

Bastian noted, "Values will become apparent during a crisis," and pointed out the risk of a leader losing their direction and stability.

While Delta's shares have risen nearly 62% over the past five years, they still lag behind the S&P 500's 89% increase. The shares have remained nearly flat year to date.

Recently, Delta and other airlines have faced the effects of a 43-day government shutdown, the longest in U.S. history. This has resulted in thousands of flight cancellations and staffing shortages. Bastian described the shutdown as "incredibly disruptive for our customers," stating that the company received no prior warning to redirect people elsewhere. However, Bastian believes this crisis will pass quickly and predicts that Delta will be "fully operational very soon."